Abdi Hagi

04/12/2023

Download the #1 Mortgage App in Canada -- Canadian Mortgage App

01/12/2023

Canada's real estate market still 'really overvalued,' warns economist

An economic expert believes that the possibility of a more severe crisis in Canada's housing market remains a possibility because real estate remains "really overvalued."

Moshe Lander, an economist from Montreal's Concordia University, told CTV News Channel on Tuesday that years of record-low interest rates enticed many Canadian homeowners into over-indebting themselves and buying properties "they couldn't afford."

The warning came shortly after the CEO of Scotiabank warned that tens of thousands of mortgage holders could be at risk of defaulting and Canada’s banking regulator considers new constraints on mortgage lending.

"If some people are taken down, that's really unfortunate," Lander said. "But it's really necessary to restore some sort of semblance to the market."

Send a message to learn more

12/24/2022

I've received 100 reactions to my posts in the past 30 days. Thanks for your support. 🙏🤗

12/23/2022

November 2022 Consumer Price Index - 6.8 percent, down 1 percent from October 2022.

12/11/2022

Are you in the market for a new home but not sure where to start? Look no further! I am experienced mortgage agent can help you navigate the complex world of home financing and find the best loan options for your individual situation. With access to a wide range of lenders and competitive rates, I will work tirelessly to get you the best deal possible. Contact me today to schedule a consultation and let me help you make your homeownership dreams a reality.

11/30/2022

Dealing with trigger rate can be hectic, please reach out to me if you have any of these issues

- Variable rate Mortgage
- Financial hardship due to rising interest Rates
- Mortgage up for renewal
- Monthly mortgage payments you would like to reduce

Let me help you get your payments lower and lower your stress level at the same time.

Phone (519) 760-2724

Send a message to learn more

11/29/2022

Real estate in 2023: Re/Max forecasts 3.3% decline in home prices.
Canada’s housing market is expected to show more balanced activity in 2023, with home prices forecast to decline in the country's priciest regions, a Re/Max report shows.

Re/Max brokers and agents are expecting 60 per cent of Canada’s housing market to return to balanced activity next year, with an average 3.3 per cent drop in home prices, the report released Tuesday shows. The slowdown in housing will be fueled by rising interest rates and the risk of a recession, it states.

The largest home price declines are expected in the Greater Toronto Area (GTA) and the Greater Vancouver Area (GVA).

The average residential home price in some pockets of these two regions is being forecast to drop by up to 15 per cent, the report revealed.

Home prices in the GTA could drop by 11.8 per cent next year as interest rates increase, unemployment rises and a possible overall economic slowdown takes hold, the report states.

Quebec City is also predicted to see home prices decline by 10 per cent, the report revealed. While in the GVA, home prices are projected to fall by five per cent.

“It’s good to see the majority of markets moving toward more balanced conditions, which is typically defined by 45 to 90 days on market. This is a much-needed adjustment from the unsustainable price increases and demand we saw early in 2022,” says Christopher Alexander, president, RE/MAX Canada in a statement.

Home prices in Atlantic Canada are forecast to rise. In Halifax, prices are predicted to climb by eight per cent in the coming months.

Calgary is also forecast to turn into a sellers market, with home prices expected to rise seven per cent in 2023, driven by first-time homebuyers, the report states.

A majority of Canadians (73 per cent) said they still view home ownership as the best long-term investment decision they can make, but despite that sentiment, 45 per cent of respondents said they are worried about how further interest rate hikes will impact their ability to engage in the country’s real estate market.

The report cites affordability and housing supply as two main pressure that are weighing on Canadian homebuyers.

“It’s important that governments work collaboratively to support housing affordability and address the supply challenges that Canadians continue to face, in order to make home ownership feasible for those who want it,” Alexander said.

11/29/2022

32% of Canadians unaware standard home insurance policies lack flood protection: Survey

Many Canadian homeowners are woefully unaware of how to protect their homes against water damage, a new survey has found, even as climate change super charges storms in Canada and is leading to a rising number of claims.
The latest BNN Bloomberg and RATESDOTCA survey, conducted by Leger, found that 32 per cent of homeowners are not aware that standard home insurance policies don’t cover water damage from seepage, overland flooding or sewer backup.

What most policies do cover is sudden water damage, the sort that comes from burst pipes or appliances that fail, provided these things did not happen out of negligence. This sort of damage is unlikely to be worsened by climate change.

On the other hand, while companies now offer coverage for overland flooding (something many did not in previous years), many Canadians do not hold this coverage. A full 50 per cent of respondents said they do not have additional water insurance coverage for their property.